NVIDIA announced first-quarter revenue of $44.1 billion for the fiscal period ending April 27, 2025—up 12% from the previous quarter and 69% year-over-year. Despite robust growth, the company reported a $4.5 billion charge related to unsold H20 product inventory and purchase obligations following new U.S. export restrictions to China.
Prior to the licensing requirement introduced on April 9, 2025, H20 product sales reached $4.6 billion, with an additional $2.5 billion in unfulfilled demand. Excluding the H20-related charge, NVIDIA’s non-GAAP gross margin would have been 71.3%, versus the reported 61.0%. Non-GAAP diluted EPS stood at $0.81, or $0.96 when adjusted for the H20 impact.
“Our breakthrough Blackwell NVL72 AI supercomputer — a ‘thinking machine’ designed for reasoning— is now in full-scale production across system makers and cloud service providers,” said Jensen Huang, founder and CEO of NVIDIA. “Global demand for NVIDIA’s AI infrastructure is incredibly strong. AI inference token generation has surged tenfold in just one year, and as AI agents become mainstream, the demand for AI computing will accelerate. Countries around the world are recognizing AI as essential infrastructure — just like electricity and the internet — and NVIDIA stands at the center of this profound transformation.”
NVIDIA also announced a quarterly cash dividend of $0.01 per share, payable July 3, 2025.
